Simon Quick Advisors, a Morristown, New Jersey-based registered investment adviser, has acquired Red Hook Management, an RIA managing $420 million that is also based in Morristown.
Red Hook has three advisers, who are joining Simon Quick; the combined entity will have 68 employees and manage approximately $5 billion.
The driver for the deal was the requirements of running a fiduciary wealth management firm. Mark DeLotto, a Simon Quick managing partner, noted in a statement that his firm can deliver "a platform for organic growth" while providing solutions for firms' "technological, operational and succession issues.”
Elsewhere, Wells Fargo Advisors adds a $400 million Morgan Stanley veteran in Naples as an ex-Cetera advisor goes independent with LPL
According to a federal charges Bradley Heppner, 60, received more than $150 million in payments through funneling money from GWG Holdings to a shell company.
A $1B fund allegedly skimmed 30% off the top, then swapped cash for locked-up stock.
Insiders allegedly rewrote projections three times in four days.
TCI Wealth Advisors also has also tapped JIFFYAI to unify onboarding and servicing, while TradePMR adds ICE market data to its Fusion advisor platform
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